I borrowed loan of Rs. 60,000 from HDFC bank and paid Rs. 50,000 but bank is demanding outstanding amount of Rs. 35,000. HDFC’s collection executive suggested me to settle it for Rs. 15,000 and this way my name will be removed from the defaulters list of CIBIL. Is the collection agent giving me correct advice? Please reply

No, your name will not be removed from defaulters list of CIBIL rather your status will be shown as ?SETTLED’ which means that you have not paid your debt in full and have settled for less. Pay Rs. 35,000 to remove your name.